We are purchasing our first property. Our lawyer has texted usto check if we would like to purchase extra conveyancing searches. We are really unsure what's recommended for conveyancing in Tooting
The range of Tooting conveyancing searches depends primarily on the premises, the location, the probability of any of these risks, your knowledge of the area and risks, your overall approach to risk. What is important is that you adequately appreciate what information each search could provide. Then you can make a decision if you consider that you need that information. Where you are unsure, ask the property lawyer to recommend.
Do conveyancers ask for money up-front for conveyancing in Tooting?
Where you are retaining lawyers for conveyancing in Tooting your lawyer will request that you place them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is as part of the sale price then this will be required immediately before contracts are exchanged. The closing balance that is due will be payable a few days ahead of the day of completion.
We're in Tooting, FTBs buying with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I happen to be the sole recipient of my late grandmother’s will and I have everything in my name now, including the my former home in Tooting. Conveyancing formalities meant that the Land Registry date was in May. I plan to dispose of the house. I understand that there is a CML six month 'rule', which means that my proprietorship could be treated the same way as though I had purchased the property in May. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. Most lenders would take a pragmatic view as this provision is primarily there to capture subsales or the wholesaling and assigning of property.
Is there a list of Bank of Ireland panel conveyancers in Tooting on the Building Society Association’s Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association sites. Very few mortgage companies make their panel listings open the public on the web. Where you are looking for a Tooting solicitor on the Bank of Ireland please make the most of our tool.
I have decided to exercise my right to buy my property in Tooting off the council. I have a mortgage agreed with Nottingham. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nottingham, you will need to appoint a solicitor on the Nottingham conveyancing panel.
3 months have gone by since my purchase conveyancing in Tooting concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a leasehold apartment up to £305k and identified one near me in Tooting I like with a park and railway links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Tooting in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage that many years will likely be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.